Thu, Mar. 5, 9:49 AM
- KBW buys the dip in NorthStar Realty Finance (NRF +1.8%) following its sizable secondary offering, upgrading to Outperform.
- Previously: Northstar Realty -2.6% after pricing secondary (March 3)
- Previously: NorthStar Realty spinning off European real estate business (Feb. 26)
Tue, Mar. 3, 8:09 AM
- The 60M share offering - of which 40M shares are subject to a forward sale agreement - priced at $18.65 each.
- Source: Press Release
- NRF -2.6% to $18.60 premarket
- Previously: NorthStar Realty down 1.9% on secondary offering (March 2)
- The offering means more assets to manage for NorthStar Asset Management (NYSE:NSAM), and that stock rose 2.7% in after hours trade last night.
Mon, Mar. 2, 4:19 PM
- The total size of the offering is 60M shares, of which 40M are subject to a forward sale agreement with Deutsche Bank. The underwriter greenshoe is for another 9M shares.
- Proceeds will be used to help fund the $1.3B purchase of a European office portfolio, pay down some debt, and for firepower for additional acquisitions.
- Source: Press Release
- NRF -1.9% after hours.
Oct. 15, 2014, 2:17 PM
- The ten companies in the Russell 1000 in which hedge funds hold the biggest stakes are down an average of 16% since that index hit an all-time high on September 18, according to Bloomberg. This stands against a slide in the index of just 7%.
- “The reactive selling is institutional,” says a portfolio manager. “Now redemptions are coming in, and that’s putting more pressure on the market. All these things are in the mix for perhaps exacerbating the move.”
- The list: Burger King Worldwide (BKW -4.5%), CVR Energy (CVI -2.4%), Spectrum Brands Holdings (SPB -3.3%), Ally Financial (ALLY -2.6%), Zynga (ZNGA -1.3%), NorthStar Realty (NRF -1.9%), Seventy Seven Energy (SSE -6.6%), Platform Specialty Products (PAH -1.4%), and SunEdison (SUNE -0.6%).
Sep. 4, 2014, 8:06 AM
Sep. 3, 2014, 4:15 PM
Aug. 5, 2014, 8:12 AM
- In a stock and cash transaction valued at $4B, including about $600M in debt, NorthStar Realty Finance (NYSE:NRF) agrees to the purchase of Griffin-American Healthcare REIT.
- The portfolio - mostly of medical office buildings and senior housing facilities in the U.S. and U.K. - is going for about a 6.4% cap rate based on estimated 2015 NOI, and the deal is expected to be neutral to NRF's CAD.
- Terms: Griffin-American owners will receive $11.50 per share comprised of $7.75 in cash and $3.75 in NRF stock. The stock portion is subject to a collar based on the price of NRF shares.
- The deal is expected to close in Q4.
- A conference call to discuss is set for 11 ET.
- Source: Press Release
- Shares +7.2% premarket
Jul. 8, 2014, 12:01 PM
- ARC Healthcare (HCT +0.2%) was previously supposed to be in exclusive talks to buy Griffin-American Healthcare REIT for about $3.7B, but that report was played down by CEO Tom DeRosa last month (HCT is in the process of a sale to Ventas).
- Now, the FT's Ed Hammond reports NorthStar Realty Finance (NRF -0.4%) is in advanced talks with Griffin for about $4B. A deal would be especially nice for recent spinoff NorthStar Asset Management (NSAM +2.8%) which would have a lot more assets to manage.
May 13, 2014, 8:59 AM
May 12, 2014, 4:14 PM
Apr. 29, 2014, 9:12 AM
Apr. 29, 2014, 7:05 AM
- Both companies bypass policy of not commenting on market rumors to issue press releases denying having discussions with each other.
- Up 7.3% yesterday on rumored buyout interest, NorthStar (NRF) is off 5.8% in premarket action. Down 3% yesterday, ARCP is up 1% premarket.
- Source (American Realty): Press Release
- Source (NorthStar): Press Release
- Previously: More on possible ARCP/NRF hookup
Apr. 28, 2014, 12:48 PM
Apr. 28, 2014, 11:33 AM
- Fresh off its purchase of Cole Real Estate, American Realty Capital (ARCP -0.3%) is reportedly in talks to acquire NorthStar Realty Finance (NRF +9.8%), though sources remind the discussions are preliminary and a deal may not materialize.
- ARCP has a market cap of about $10B and NorthStar's would be $6.5B at the $20 per share takeover price being bandied about (25% above Friday's close).
- Previously: Takeover chatter for NorthStar Realty
Apr. 28, 2014, 10:09 AM
Apr. 10, 2014, 2:57 PM
- Particularly hard hit in a red BDC sector (BIZD -1%) is American Capital (ACAS -3.2%). The stock had run up sharply two weeks ago on hopes for a spinoff of the asset management business, but receptive public markets are necessary for such a move. With today's decline, the shares have given back about all of those gains.
- Also struggling over the past couple of weeks is Northstar Realty Finance (NRF -3.4%) which is spinning off its asset management unit.
NRF vs. ETF Alternatives
Northstar Realty Finance Corpis a diversified commercial real estate company. Itinvests in multiple asset classes across commercial real estate that it expects will generate attractive risk-adjusted returns & may take the form of acquiring real estate.
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